HAMILTON, Ontario, May 15, 2018 (GLOBE NEWSWIRE) -- HAMILTON, Ontario, May 16 2018 (GLOBE NEWSWIRE)—CTT Pharmaceutical Holdings, Inc., (OTC:CTTH), an innovative life sciences company with an extensive portfolio of IP in novel drug delivery systems, is pleased to inform shareholders and the investment community with a corporate update on ongoing developments.

On April 16, 2018 a news release entitled “Aurora Cannabis Gains Exclusive License to Novel Patented Sub-Lingual Wafer Technology from CTT Pharmaceutical” was issued by Aurora Cannabis Inc. (“Aurora”), CanniMed Therapeutics Inc. (a wholly-owned subsidiary of Aurora), and CTT Pharmaceutical Holdings, Inc. (“CTT”). This release announced that the companies entered into a three-way agreement that provides Aurora, through its ownership of CanniMed, with joint exclusivity in Canada for the distribution of CTT’s novel, patented drug delivery technologies. This collaboration includes the licensing by CTT to CanniMed and Aurora of three Canadian patents related to cannabinoid delivery for pain management that will enable CanniMed and Aurora to exclusively develop and commercialize this unique, sub-lingual (beneath the tongue) wafer, drug delivery system in Canada. The companies are currently working together toward obtaining Health Canada approval prior to marketing and distributing the sub-lingual wafer.

On April 18, 2018, Lifestyle Delivery Systems (“LDS”) issued a press release entitled “Lifestyle Delivery Systems Inc. announces Update on Trade Marks and Patents.” Incorrect statements were made concerning CTT Pharmaceutical Holdings, Inc., including those related to their patents and products. Specifically, a Canadian Patent [No. 2,922,959 (the “959 Patent”)] owned by CTT was referred to in the LDS press release as being nearly identical to a U.S. Patent [#6,017,545 (the “545 Patent”)] which LDS claimed was filed over twenty years ago, had expired over two years ago, and was owned by CTT. Rather, the 545 Patent, although invented by CTT CEO Dr. Pankaj Modi, was licensed to Eli Lilly and Company in the year 2000. Accordingly, the 545 Patent never had any relation to CTT and, as of the date of this press release, CTT has no expired patents. In addition, the 545 Patent never pertained to a Wafer or strip delivery system, but referred to a liquid delivery system for insulin.

“We have had both our patent counsel (Gowlings WLG) and U.S. based corporate legal counsel review these statements and are currently considering all of the legal remedies available to our company as a result of LDS’s erroneous news release”, stated CTT CEO Dr. Pankaj Modi. “Our legal counsel cannot find any patents pending or issued on the LDS strip product and cannot find any finished samples in Canada because these type of products have not been yet approved by Health Canada. We therefore cannot consider making a statement at this time regarding an infringement on our patents. All of our patents relating to wafers/strips are valid and in good standing with the appropriate patent offices and we intend on defending all of our intellectual property.”

The following list details all of CTT’s patents, their filing dates, and issuance dates:

CTT has recently engaged KPMG to provide a valuation of its patented technologies to assist the company with a pricing model. This pricing assistance will aid the company in helping to determine values as the company is in discussions with entities who would like to license, joint venture or acquire the IP portfolio outside of Canada. The pricing analysis will entail the development of a series of schedules that place a value on the drug delivery technologies that have been patented by CTT. The analysis would model the potential market for the drug delivery technologies in different geographies over the expected lifespan of the patents using variable royalty rates. Key issues will include penetration rates of the technologies in different geographies, along with the timing of royalty revenues and related expenses.

About CTT Pharmaceutical Holdings, Inc.

CTTH’s principal asset is a unique and novel patented drug delivery technology, an orally administered, fast dissolving thin film (the “Wafer”). This technology platform will target both the human and veterinarian (pet) markets for treatment of many diseases. The Company believes that its Wafer technology will be one of the first to gain use in major markets such as pain management.

The Oral Thin Film (Wafer) formulation is protected by several Canadian and U.S. patents.

CTTH’s oral fast dissolving drug delivery systems consist of wafers that dissolve without water and within a few seconds after placement in the mouth. The majority of drugs administered using our drug delivery system mirror injections in that they have the ability to enter the bloodstream quickly, are convenient and discrete, and can be administered anywhere. A faster absorption rate is achieved because the mouth contains a very thin mucosa and is extremely vascular. There is no bitter taste, no smoke inhalation as is the case with cannabis, less degradation of medication (by bypassing the stomach) and most importantly lower dosage units are required given the efficacy of absorption. Patient compliance is also improved especially with those who have a fear of choking or difficulty swallowing, and/or are pediatric, geriatric or incapacitated.

This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect,” “is expected,” “estimates,” “intends,” “anticipates” or “does not anticipate,” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur, or be achieved.

Forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including our future sales, income, and financial position. The forward-looking statements included in this news release are made as of the date of this news release and CTT not undertake to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, unless required by applicable securities law.

Newswire Distribution Network & Management

About Us

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.